KPIs are used to measure the marketing results of all companies irrespective of their sizes. A Marketing KPI (Key Performance Indicator) is a measurable value that marketers use to evaluate success across all marketing channels. It is said that 80% of the outcome comes from 20% of your input, which applies for marketing as well. So this brings up the question – where should we focus our marketing efforts and resources? To answer this, you should evaluate the performance of your lead generation, social media, advertising and SEO strategy.
Here are the top 5 KPIs you should be concentrating on and why…
Mobile Purchases are becoming more and more convenient and this is set to increase significantly at a great scale. Revenue on Mobile has had a drastic increase to 23% in 2019. Mobile devices generate 32% of overall revenue and 53% of overall traffic.
Though the big ticket purchases still happen on Desktop, it’s not very far behind being replaced by mobile purchases.
2. Traffic & Revenue Generation:
About 60% of websites are said to generate traffic through Google along with 56% of website revenue. It’s no wonder that, according to Google Analytics, only 5% of website traffic and 2% of website revenue is created through social media. Yet the significance of Social Media is considerably higher when compared to the previous years
3. Website Engagement:
The average website loading speed has increased from 6.1 seconds to 6.8 this year, as websites have been slowing down because of content overload. This is a long way off Google’s recommended target of 2 seconds. In 2019, the average session per user is 3 minutes and the average load time is 6.8 minutes.
4. Commercial Metrics & International Conversion Rates:
The overall average conversion rate is rising to 1.85% with an average order value of €282. As per WolfGang, the conversion rate by user is coming in at 3.2%, with a conversion rate of 1.85% and a conversion rate of 2.91% per user. Surprisingly the conversion rate of Europe is 1.51% which is higher than the conversion rate of in the U.S which is 1.37%.
5. Social Survey Findings & Facebook Findings:
Talking highly of yourself doesn’t have a great impact in comparison to positive messages shared by customers to their friends and families. So the marketing value of interaction should be extended beyond the engager. According to Nielsen’s Global Trust in an Advertising report “recommendations from people I know” is the most trusted commercial message globally.